Standard Chartered Bank announced that its subsidiary in Korea, Standard Chartered First Bank, has been appointed as Euroclear Bank’s exclusive cash correspondent for the Korean won.
Euroclear Bank, the international central securities depository of the Euroclear group, is going to launch a direct link with the Korean Securities Depository (KSD) towards the end of the year. It would offer settlement, custody and related services for Korean Treasury Bonds and Monetary Stabilisation Bonds. In June this year, Euroclear and KSD signed an MoU as the basis to build a close co-operative relationship in supporting clients active in the Korean capital markets and in those markets covered by Euroclear Bank.
Philip Van Hassel, director and head of Network Management at Euroclear Bank, commented: “Korea is an important market in the Asia-Pacific region, as evidenced by growing client demand for Euroclear Bank to link with KSD. We look forward to working with Standard Chartered in delivering a high calibre service for our clients and their Korean counterparties. We are convinced of Standard Chartered’s expertise and leadership in the Korean market which strongly complements our consistent presence in the Asia-Pacific region since 1987.”
Giles Elliott, global head of Securities Services at Standard Chartered Bank, said: The interest in the Korean market has grown considerably in recent times and the Bank’s strong on-the-ground presence, as well as established footprint across Africa, Asia and the Middle East positions us well to support domestic and international investment flows.
